ONGC, SBI biggest losers in market cap past week

Mumbai: Hit by huge losses in the market capitalisation (m-cap) of state-owned ONGC and SBI, the combined market worth of eight of the country’s top-10 firms diminished by Rs 78,553.96 crore during last week.

Oil and Natural Gas Corporation (ONGC) suffered a loss of Rs 26,222.55 crore from its market cap which stood at Rs 2,34,462.93 crore as on Friday’s trade on the BSE.

Last week, the government increased the burden of fuel subsidy payable by upstream oil firms, including ONGC, from one-third to 38.8 per cent for 2010-11 fiscal.

ONGC, Oil India and GAIL have been ordered to contribute Rs 30,296.75 crore (38.8 per cent). ONGC has been asked to chip in with Rs 24,892.43 crore.

Similarly, the m-cap of country’s largest lender State Bank of India (SBI) eroded by Rs 20,764.18 crore to Rs 1,47,447.85 crore as its net profit tanked by about 99% to Rs 20.8 crore in the quarter ended March, 2011.

In the week gone by, sentiments dampened after SBI posted a sharp dip in Q4 profits and the government increased the subsidy burden on ONGC.